Tag Archives: Extended

Why CBN Extended BVN Enrollment

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The Central Bank of Nigeria (CBN) has extended the timeline for Nigerian bank customers in the Diaspora to enroll for their Bank Verification Numbers (BVN) to January 31, 2016.

This is contained in statement by the Bank’s Director, Corporate Communications, Mr Ibrahim Mu’azu, on Monday in Abuja.

It explained that the extension was to enable the customers in Diaspora to complete the enrollment as well as link the BVN to their respective accounts.

It stated that the extension was only for customers in the Diaspora and advised Deposit Money Banks (DMBs) to ensure that the exemption was utilized by the targeted group only.

“The CBN has also expressed satisfaction with the progress made in the implementation of the BVN project, especially for accounts operated by residents of Nigeria.

“However, with the expiration of the Oct. 31 enrollment deadline, the CBN has directed that bank accounts of Nigeria residents without the BVN would henceforth be operated as `no customers initiated debit’.

“That is until the account holders obtain and attach BVNs to the accounts. This means that a customer may not be allowed to withdraw money from his or her account until the BVN has been acquired and linked to the account,” it stated.

The statement clarified that accounts of Nigeria residents without BVN would continue to receive cash and electronic credit inflows and would neither be deactivated nor confiscated.

Credit: Vanguard

Why CBN Extended BVN Registration Deadline

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The Central Bank of Nigeria, CBN), yesterday extended the deadline for customers to enrol for the Bank Verification Number (BVN) by four months till October 31, 2015.

Director, Banking and Payments System Department, CBN, Mr. Dipo Fatokun, announced the extension in a circular to the public.

The circular stated:  “You would recall that as part of its effort in the implementation of the Bank Verification Number (BVN) project, the Central Bank of Nigeria issued circulars stipulating milestones for the successful completion of the project. One of such milestones was that by June 30, all Deposit Money Banks (DMB) customers should have the BVN. Any bank customer without the BVN attached to the account would be deemed to have inadequate requirement with respect to the Know Your Customer (KYC) guidelines.

“It has come to our notice that the BVN registration has elicited tremendous interest from the Nigerian banks’ customers who crowded the bank halls, in order to beat deadline. Furthermore, there is need to give Nigerian banks’ customers in diaspora, ample time to enrol on the programme. The guideline for their enrolment is being finalised and will be released soon.

“In view of the foregoing, it has become imperative for the bank to extend the timeline for all bank customers to have the BVN. The deadline for enrolment is hereby extended from June 30, 2015 to October 31, 2015. This extension is expected to facilitate a smooth completion of the registration exercise.”

Read More: vanguardngr

Ijaw Youths Want Amnesty Programme Extended

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The Ijaw Youth Council, IYC, has expressed mixed feelings and concerns over the inaugural address of President Muhammadu Buhari in relation to the Niger Delta region.

According to a statement issued by Eric Omare, the spokesman of IYC, and made available to journalists in Yenagoa on Sunday, there is need to review the terminal date of the Amnesty Programme to accommodate those who are yet to complete the scheme. “President Muhammadu Buhari in his speech said that the amnesty programme for ex-Niger Delta agitators would end by December 2015.

“The IYC appreciates the fact that the amnesty programme cannot continue forever and therefore must have a terminal date.

“However, the questions on the lips of beneficiaries and stakeholders in the Niger Delta region are: what would happen to those that have not been trained at as December 2015.

“And what about those still undergoing training or have not completed their training?”

Mr. Omare said that the termination of the programme would throw up challenges for beneficiaries of the programme who were still undergoing training and were at different level of training.

The IYC spokesman said the group expected the Federal Government to allay fears of beneficiaries who were in different parts of the world and were worried that their trainings might be affected if the programme was terminated in December 2015.

He added that the case of substantial number of ex-agitators who had not been trained was even more worrisome. He, therefore, appealed to the Federal Government to address challenges before the programme was terminated.

On streamlining projects and programmes in the Niger Delta region to make them more effective, IYC said it would support any step of the Federal Government to strengthen institutions responsible for the development of the Niger Delta region.

The group applauded the planned streamlining of policies to rapidly develop the region. “We, however, wish to advice that any effort toward restructuring developmental institutions and projects should have the input of the people of the region at the heart of the process.

“The people of the Niger Delta must be the ones to decide the shape of developmental institutions in the region.’’

The IYC said it had expected President Buhari to address issues such as cleaning up of the Niger Delta environment, implementation of the UNEP report on Ogoni.

He added that also left out of the inaugural address was the menace of oil theft which had greatly contributed to environmental degradation in the Niger Delta region, which Mr. Buhari promised to tackle during the presidential campaigns.

Credit: NAN